GP margins holding up better than peers Timing of rise in consumer confidence to determine 2024 starts Adj. P/E <10x in 2025e
ANNONS
Q4 report and estimate revisions
Aros delivered a Q4 report where sales grew 41% y-o-y and the GP margin amounted to ~18%. Aros started one project (111 rental apartments, part of the Patrizia deal) and sold 22 units out of the 61 that were for sale. Mid-term estimates are heavily dependent on condominium starts (see more details below), while the Q4 report itself does not lead to any major estimate revisions.